Forsys Metals Corp says it has acquired Portion-1 of farm Namibplaas No. 93, a critical land parcel for its Norasa Uranium Project in Namibia.
The deal, finalised by the Company’s wholly-owned subsidiary, Valencia Uranium (Pty), grants Forsys access to the Namibplaas uranium deposit under Exclusive Prospecting Licence (EPL-3638).
The acquisition follows extensive negotiations and secures the final piece of land needed for full access to EPL-3638. The land covers a surface area of 1,266 hectares, with 93% of it located on the newly purchased property.
Situated less than 3 km from Forsys’ Valencia deposit (ML-149), the Namibplaas deposit is central to the Company’s plans for expanding its uranium resource base.
“The acquisition of farm Namibplaas, Portion-1 means that the Company now has unfettered access to the Namibplaas licence area, adding significant value and flexibility to our mine development strategy. The plan is to prioritise a drill program on Namibplaas as soon as possible and continue to expand and upgrade the total uranium resources to support the overall Norasa mine development,” said Forsys CEO Mark Frewin.
He further explained that the purchase agreement, which includes a total payment of N$24 million (approximately US$1.28 million), will be paid in installments over ten years, with an initial payment of N$7 million.
The transaction is subject to regulatory approvals, including those from the Ministry of Agriculture, Water and Land Reform.
With the deal finalised, Forsys Metals plans to prioritise drilling programs at Namibplaas, aiming to expand and upgrade its uranium resources as part of the broader Norasa project development.
Forsys Metals Corp is an emerging uranium developer focused on advancing its wholly owned Norasa Uranium Project.
The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638).
